India's most popular investment Public Provident Fund can now be opened with private sector HDFC Bank. As of now, not all the branches are eligible to open the PPF account. One has to check before applying for the same.
PPF is a popular long term investment option backed by Government of India which offers safety with attractive interest rate and returns from the investments are not taxable.
What are the documents required to open PPF account?
Documents such as ID proof, address proof, two photographs etc., along with original documents visit the branch. Fill the PPF account opening form and submit along with other documents.
How to add funds in PPF account online?
Once the account is opened one can transfer funds from HDFc savings account to PPF account if the account is linked.
In case if an account holder is looking for auto debit, he needs to submit a separate form for auto-debit or ECS form along with your PPF account opening form.
Details of PPF
Minimum deposit of Rs 500 and a maximum of Rs 1,50,000 can be deposited in a Financial Year with a maximum of 12 transactions allowed. If the minimum amount of Rs 500/- is not deposited in any financial year, a penalty of Rs 50/- will be charged.
Loan facility can be availed any time between a third financial year to sixth financial year i.e. From third financial year up to the end of the fifth financial year.
How to transfer PPF from another bank or post office to HDFC Bank?
Individuals can transfer their PPF account from the post or another bank to HDFC Bank. Request the same with post office with written application for transfer and submit passbook and required documents.
The post office will send all the related documents to request HDFC Bank branch, once it is received individuals have submitted fresh copy of application form, nomination details etc.